Acumen Research and Consulting recently published report titled “Blood Clot Retrieval Devices Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
NEW YORK, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The global blood clot retrieval devices market is expected to reach US$ 3.9 Bn in 2028 with a CAGR of ~18.4% from 2021-2028.
The market in North America is expected to account for revenue share of around 35% in 2020 due to rapid technological advancements in medical devices. There is noticeable increase in number of patients in the hospitals related to thrombectomies and embolectomies in developed countries. According to National Library of Medicine, there were approximately 13,010 mechanical thrombectomies performed in 2016.
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The volume was 3.1% of the people suffering from acute ischemic stroke. Sedentary lifestyle pattern and high consumption of unhealthy food is resulting in various health problems. The percentage of people suffering from stroke is increasing every year. In the US, each year more than 795,000 face strokes and 1 out of every 6 cardiovascular disease deaths is due to stroke as per the stats provided by Stroke causes a long term disability among patients. The awareness among consumers related to stroke is increasing; their demand for advanced solutions and various initiatives by the hospitals to lower the post stroke problems are gaining momentum. In 2020, Huntington Hospital, a Pasadena based healthcare organization received Stroke Gold Plus Quality Achievement Award from American Heart Association. The award was related to hospital’s commitment to ensuring stroke patients receive the most appropriate treatment.
Enterprises spending on R&D and product development activities are increasing; their focus towards development of enhanced and efficient product is gaining traction. Their approach towards introduction of new products is expected to impact the growth of blood clot retrieval devices market. In 2021, Control Medical Technology, a global medical device manufacturer received clearance from FDA related to mechanical thrombectomy system. The product launch is expected to help company enhance the business and increase the revenue share. Collaborative R&D approach among enterprises, doctors and innovative treatment solutions is expected to augment the growth of target market. In 2021, Sanford Health vascular surgeon invented a unique pulmonary embolism catheter which can simplify the blood clot surgical procedure.
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The market in Asia Pacific is expected to witness faster growth in the target market due to increasing government spending on development of healthcare infrastructure. Countries such as India, China and Australia are spending high on infrastructure development in order to deliver enhanced care to the patients. Country such as India is advancing its footsteps which can be witnessed by the investment made by the government through its Union Budget. In 2021, the government invested US$ 30.7 Bn in the health sector. The YoY investment in development of healthcare infrastructure grew by 137%. The healthcare sector in India is witnessing rapid change. Changing government regulations, increasing investment and rising acquisitions activities are augmenting the medical sector growth. Players across the globe are inclining towards developing economies due to easy availability of raw material and low cost labor. Favorable business policies by the government and increasing partnership between regional and international players are factors expected to boost the growth of blood clot retrieval devices market in this region.
Rapid increase in number of patients suffering from strokes and rising awareness among consumers related to availability of advanced treatment are major factors expected to drive the growth of global blood clot retrieval devices market. According to American Heart Association, Inc., incidence of ischemic stroke in China ranged from 47.0 per 100,000 in males in Shanghai to 507.6 per 100,000 in Northern China among Mongolian men. Rapid increase in R&D activities by major players with the focus of introduction of new products in order to enhance the business and increase the revenue share is expected to augment the growth of blood clot retrieval devices market.
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In 2018, CERENOVUS, a global medical device manufacturer launched “EMBOTRAP II Revascularization Device”. The medical device received US FDA clearance for capturing and removing life-threatening blood clots from brain caused due to ischemic stroke. This next generation stent retriever is expected to help company enhance its product offerings.
In 2021, Rapid Medical, a global manufacturer of responsive, adjustable neurovascular devices launched “TIGERTRIEVER” a revascularization device. The device is used in the treatment of ischemic stroke. The new product launch is expected to help company enhance the business and increase the customer base.
In 2021, NeuroVasc Technologies, Inc., a global medical device company treated its first patient by “ENVI™-SR Mechanical Thrombectomy System” a stent-retriever developed by the company itself. The device is used for the removal of blood clots in stroke patients.
Major players’ approach towards enhancing the business through acquisition is expected to positively impact the growth of target market. In 2021, Boston Scientific, a global medical device manufacturer acquired Devoro Medical. The acquisition was worth US$ 336 Mn and is expected to help company enhance its product portfolio and increase the business. Factors such as lack of skilled labor and stringent government regulations pertaining to the approval of devices are expected to hamper the growth of global blood clot retrieval devices market. Rapid advancements in the medical devices are making it difficult for physicians to acquire the operational knowledge as the availability of the product is limited. Lack of developed infrastructure in hospitals and institutes is resulting in low adoption of advanced devices. The regulatory bodies across the globe are focused on maintaining strict regulations for the product approval as faulty devices would be life threatening. In 2021, the US FDA issued a product recall of the blood clot stent developed and marketed by Penumbra as FDA received reports of 14 deaths linked to these blood clot removal devices. In addition, availability of alternative methods is expected to challenge the growth of target market. Doctors usually prefer inferior vena cava (IVC) filters a manual invasive technique that aid to trap large blood clots and prevent them from traveling into the heart and lungs.
However, increasing investment by major players for advancement of products, changing government regulations and increasing healthcare sector spending are factors expected to create new opportunities for players operating in the blood clot retrieval devices market over the forecast period. Enterprises with the help of 3D technology and AI are focused on developing advanced products that would further lower the surgical failure rate. Implementation of enhanced robotic operational devices for high precision surgery is expected to gain importance. In addition, increasing strategic partnership by major players to enhance its product presence is expected to support the revenue transaction of the target market.
The global blood clot retrieval devices market is segmented into type and application. The type segment is divided into aspiration device and stent retrievers. Among type, the stent retrievers segment is expected to account for revenue of US$ 737 Mn in 2020 in the global blood clot retrieval devices market. Rapid technological advancement is taking place in stent devices as they tend to be a better alternative to traditional methods. Demand for minimal invasive surgical procedures among old age population is increasing and stent retrievers are expected to be an enhanced solution. The application segment is bifurcated into coronary arteries, peripheral arteries, and cerebral arteries. Among application, cerebral arteries segment is expected to account for significant revenue share in target market. The percentage of people suffering from long term brain damage due to stroke is increasing at alarming rate. Rapid clinical trials are taking place in order to develop effective treatment solutions to cater this situation. .
Players operating in the global blood clot retrieval devices market are Medtronic, Inc., Penumbra, Inc., Stryker Corporation, Terumo Corporation, CERENOVUS, Rapid Medical, and NeuroVasc Technologies, Inc. The global market is highly competitive due to large number of players operating in the market. Players are in constant pressure to deliver enhanced and safe product in order to attract new customers. Availability of business policies from the government and regional players providing innovative products is lowering the adoption of high cost devices. With the rise in partnership and acquisitions players are focused to increase the market and revenue share in the blood clot retrieval devices market.
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